Business & Tech

Allergan Receives Unsolicited Takeover Proposal

A Quebec-based company wants to buy the Botox maker for $45.6 billion.

Irvine-based Botox maker Allergan acknowledged today it is the target of a $45.6 billion takeover attempt by a rival company.

Quebec-based Valeant Pharmaceuticals International Inc. has proposed acquiring all of the outstanding shares of Allergan for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of the company.

Allergan's board of directors and legal advisers will review the unsolicited proposal and "pursue the course of action that it believes is in the best interests of the company's stockholders," according to a statement issued by the company, which advised its shareholders to take no action at present.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Goldman, Sachs & Co. and Bank of America Merrill Lynch are advising the company.

Last year, Valeant acquired Bausch & Lomb for $8.7 billion.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

--City News Service


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here